GE Capital Commercial Distribution Finance, an operating unit of General Electric Company (GE), recently extended the inventory financing program for the country’s largest boat dealer Marinemax Inc. (HZO) with a credit facility worth $235 million. The debt financing will augment Marinemax’s liquidity and working capital requirements to fuel further growth.
Headquartered in Clearwater, FL, Marinemax operates as a recreational boat and yacht retailer. The company offers new and used boats and accessories such as dock and anchoring products like boat fenders, lines, and anchors; boat covers; trailer parts; tubes, lines, wakeboards, and skies; engine parts; oils; lubricants; propellers; life jackets, inflatable, and water sports equipment. Marinemax also provides boat finance; arranges insurance coverage, including boat property, credit life, accident, disability, and casualty insurance coverage; assists in arranging extended service contracts; provides boat or yacht brokerage services; and conducts a yacht charter business.
The credit facility will enable Marinemax to augment its inventory position by obtaining higher volume of goods from leading industry manufacturers such as Sea Ray, Boston Whaler and Azimut Yachts. The transaction also reinforced the mutual business relationship of Marinemax with the GE Capital unit that originated way back in 1998.
Serving over 100 million customers worldwide, General Electric is one of the largest and the most diversified technology and financial services corporations in the world, with products and services ranging from aircraft engines, power generation, water processing, and security technology to medical imaging, business and consumer financing, media content and industrial products. Its segments include Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Appliances & Lighting, and GE Capital.
With more than $34 billion debt financing transactions in 2013 for over 30,000 dealers and more than 3,000 distributors and manufacturers in the U.S. and Canada, GE Capital Commercial Distribution Finance has an in-depth industry know-how and expertise as a reliable debt provider for superior inventory management.
General Electric currently has a Zacks Rank #3 (Hold). Other companies in the industry that are worth mentioning include Federal Signal Corp. (FSS) and ITT Corporation (ITT), both carrying a Zacks Rank #2 (Buy).
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